Bank of America increased net profit by 6% in the first quarter

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One of the largest banks in the United States, Bank of America, following the results of the first quarter, reported about the growth of net profit by 6 % in annual terms up to 7 billion 300 million dollars. Earnings per share in the amount of 70 cents exceeded economists’ forecast of 66 cents per share. Revenues amounted to 23 billion dollars, a decrease compared with the figure of 23 billion 100 million dollars in the same quarter of 2018. The bank increased its net interest income by 10% to $629 million, helped by rising interest rates, loans and deposits. The loan portfolio expanded by 5%. The volume of deposits showed an increase of 3%. The reserves for possible loan losses were deducted $1 billion, which is 179 million more than a year earlier. The consumer segment recorded a net profit growth of 25%. The profit of the state and investment management unit increased by 14%. Net profit of the international division increased by 2%.

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